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Healthcare Facilities Management Market - Growth, Trends, and Forecast (2019 - 2024)

Market Overview The healthcare facilities management market is experiencing high growth, owing to factors such as the rising number of healthcare facilities and increasing healthcare expenditure.

New York, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Healthcare Facilities Management Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05865717/?utm_source=GNW
Furthermore, the market players are also focusing on providing better services to their end-users, in order to retain the maximum market share.
Furthermore, the countries across the world are witnessing similar trends in the provision of healthcare services, with an increase in the demand for healthcare in public hospitals, owing to the rising prevalence of chronic diseases and increased healthcare expenditure. The end-users are more inclined toward outsourcing the facility management services, in order to increase their focus on better patient care. The market players are trying to expand their services to new geographies by partnerships and acquisitions. For instance, in December 2017, Serco Group PLC announced that it had signed the Business Purchase Agreement to acquire a portfolio of selected UK health facilities management contracts from Carillion PLC.
Thus, considering the rising healthcare expenditure and increasing adoption of healthcare facilities management services, the market studied is expected to witness high growth over the forecast period.

Scope of the Report
Healthcare facilities management is vital for medical facilities and also to ensure that service requests are provided efficiently and quickly, in order to maintain operations without intermission. Effective hospitals and healthcare facilities are crucial to fulfilling the needs of people.

In the report, a detailed analysis of the healthcare facilities management market is provided. The market is evaluated by collating revenues generated across segments, categorized by Type of Business Model, Service Type, and Geography.

Key Market Trends
Support Services Segment is Expected to Dominate the Market

Support services include cleaning, catering, vending, courier service, laundry service, and security, among others. Hospitals and medical facilities are expected to focus more on support services, in order to provide better quality care to the patients. The engaged and integrated support service team can help healthcare facilities eliminate the dilution effect on nursing, which allows patients to heal quicker, promote a safer environment, and improve the satisfaction of nurses, patients, and families. The contributions made by support service personnel in hospitals have become a crucial component of any organization’s success. As per the data published in March/April 2015, in the Journal of Healthcare Management, researchers from Cornell University reported that there was a huge impact on support service teams on nursing and patients.

Healthcare is improving globally and even developed countries are committed to improving their healthcare system even further. As per the data published by the Centers for Medicare & Medicaid Services (CMS), in the United States, national healthcare spending is projected to grow at an average rate of 5.5% per year during 2018-2027, to reach nearly USD 6.0 trillion by 2027. Healthcare spending is projected to grow 0.8% faster than the GDP per year, over 2018-2027. As a result, the healthcare share of GDP is expected to rise from 17.9% in 2017 to 19.4% by 2027.
Hence, due to the advantages of support services and increasing healthcare expenditure, the market is expected to grow even further in the future.

North America is Expected to Dominate the Market

North American countries of the United States (US) and Canada have a developed and well-structured health care system. These systems also encourage research and development. These policies encourage global players to enter the US and Canada.

In the United States, there is a close association between healthcare facility management (facility engineering) and medical technology management (clinical engineering). It is beneficial for clinical engineers to comprehend the work of facility engineers, since both professions represent the application of commercial expertise, in order to support safe and effective patient care. Canada is also improving its efforts to support healthcare facilities. The CCHFM (Canadian Certified Healthcare Facility Manager) is the first certification program developed by the Canadian Healthcare Engineering Society, to ensure that the Canadian healthcare facilities are managed by skilled individuals. The certification examination is intended to test a well-defined body of knowledge, illustrative of professional practice in the field of healthcare facilities management. The successful accomplishment of certification is an indicator of broad-based knowledge in the healthcare field.
As a result of these progressive policies, the market is expected to grow in the region in the forecast period.

Competitive Landscape
The majority of the healthcare facilities management services are being provided by the global key players. Market leaders with more funds for research and a better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing the emergence of some small players due to the rise of awareness. This has also helped the market grow. The Middle East and Africa region are experiencing the entry of many global players due to its market potential.
The healthcare facilities management market is moderately competitive. ABM Industries Incorporated, Aramark, Ecolab Inc, Mitie Group PLC, are some of the key players of the market.

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